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Headline : Bitcoin’s Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says

Read more from the original article on here at www.coindesk.com.





Tags : #bitcoins #recent #weakness #tied #global #markets #than #anything #crypto #specific #coinbase #says


No. of Paragraph 19

Bitcoin’s (BTC) recent weakness has not been isolated to crypto markets and therefore is not indicative of sector-specific capitulation, Coinbase (COIN) said in a research report Friday.

Coinbase notes that both equities and gold have been trading lower since reaching highs in mid-April, against the backdrop of a strengthening dollar. The world’s largest cryptocurrency fell 16% in April, in the biggest monthly decline since June 2022.

“What leaves us optimistic in this pullback is that BTC’s maximum drawdown from peak is at 23%, below its historical range,” analysts David Han and David Duong wrote.

“We believe that this trend of overall reduced drawdowns will persist, in part because of the legitimization of BTC as a macro asset,” the authors wrote. This has been reinforced by spot exchange-traded funds (ETFs) in the U.S., Canada and Europe and also by the recently launched ETFs in Hong Kong and new applications in Australia.

Read more from the original article on here at www.coindesk.com.


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